Were company shares intended to be part of the estate?

Question

Accepted Answer

Company Shares Were Not Intended to Be Part of the Estate, Testifies Half-Brother

Mohamad Najeb Ali, the half-brother of the late Tan Sri Jamaluddin Jarjis, testified that Jamaluddin's children, Nur Anis and Ikwan Hafiz, were merely registered owners of shares in three companies and did not hold beneficial ownership before their father's death in 2015. These shares in Rantai Wawasan Sdn Bhd, Alpine Motion Sdn Bhd, and Ivory Insight Wawasan Sdn Bhd were never intended to be included as part of Jamaluddin's estate. Aminah Abdullah, Jamaluddin's mother, has filed a suit claiming these shares, valued at RM1.3 billion, were intentionally omitted from the estate list by her grandchildren to deny her beneficiary rights.
Children's Limited Involvement in Companies

At the time of Tan Sri Jamaluddin Jarjis's passing in 2015, his children Nur Anis and Ikwan Hafiz were not actively involved in his companies. Mohamad Najeb Ali stated that Nur Anis was working in Boston, USA, while Ikwan Hafiz was employed as a manager at General Electric Company in Malaysia. He further asserted that two other children, Nurul Alyaa and Noor Adilla, also played no significant role in managing the companies.
Shares Held as Nominees, Not Beneficial Owners

Mohamad Najeb Ali clarified that Nur Anis and Ikwan Hafiz held shares in Rantai Wawasan Sdn Bhd, Alpine Motion Sdn Bhd, and Ivory Insight Wawasan Sdn Bhd solely as registered owners. He emphasized that the beneficial ownership of these shares remained with the deceased, Jamaluddin. This testimony was presented during an examination-in-chief by the lawyer representing Aminah Abdullah in her lawsuit against her grandchildren.
Allegation of Intentional Omission from Estate

Aminah Abdullah's lawsuit claims that Nur Anis and Ikwan Hafiz, as joint administrators of Jamaluddin's estate, failed to include the shares of the three companies, valued at RM1.3 billion, in the list of assets. She contends that this omission was deliberate, with the intention of denying her rights and interests as a beneficiary of the estate. Aminah is seeking a court order to be named as a joint administrator and for the defendants to pay dividends, bonuses, and profits derived from these shares.

Reading history

Hide →

This history is cleared when the page is closed.

Were company shares intended to be part of the estate?

Loading

Was this article helpful?

Helpful

Not helpful

Report an issue

1

0

0

Share with friends